ExiPay, a provider of in-person payment solutions, has been acquired by Stitch, a South African fintech company that specialises in online payment infrastructure, to create a single payment platform for both online and offline retail settings.
According to the statement released by Stitch on Monday, the platform will now be able to provide a strong unified commerce solution for retail companies, allowing it to assist enterprise companies with even more of their payment requirements as a result of the acquisition.
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The platform can provide multi-lane retail and omnichannel commerce enterprises with a genuinely unified and dependable platform by incorporating its in-person payments product.
The statement reads, “We now offer a robust unified commerce solution for retail businesses, enabling us to serve enterprise businesses with even more of their payment needs. With the addition of our in-person payments offering, we can support multi-lane retail and omnichannel commerce businesses with a truly unified and reliable platform.”
Organisational gap to be filled by Stitch’s acquisition of ExiPay
CEO Kiaan Pillay saw an organisational gap in the in-person payments industry, which will be filled by the acquisition of ExiPay, which places its six-person team under the “Stitch In-person payments” brand and serves Stitch’s current enterprise clients, including Bash, MTN, Cell C, and MultiChoice.
Additionally, Stitch is going to take on ExiPay’s current merchants, such as Bash, an omnichannel retail platform operated by TFG (The Foschini Group), which currently services both online and in-person payments.
Luke Jedeikin, Co-Founder and CEO at Bash, said: “At Bash, we’re committed to providing our customers with seamless and reliable payment experiences, both online and in-store.
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Partnering with Stitch enhances our ability to deliver on this promise by streamlining operations and improving payment success rates whilst offering our customers more ways to pay wherever they shop.”
Stitch, which was established in 2019, has raised $52 million and plans to expand into Ghana, Nigeria, Kenya, and Egypt. By offering business clients an omnichannel payment solution that combines online and in-person payment capabilities, the strategic acquisition expands Stitch’s product portfolio and enables it to meet growing market demands in South Africa’s retail industry.